A BRIEF HISTORY, DEVELOPMENT, AND GROWTH OF BEST BUY CO., INC.
First known by the world as Sound of Music in 1966, Best Buy Co., Inc. began its journey in the world of finance and technology in Saint Paul, Minnesota. A year later after Sound of Music opened its doors to public, the company acquired Kencraft Hi-Fi Company and Bergo Company. The expansion of Sound of Music did not wait and in 1967 two new branches were opened in Minneapolis. Ending the year with superior revenue than what had been expected, Richard M. Schulze and James Wheeler, the founders of Sound of Music, decided to trade as a publicly-held company. The fast growing company opened three stores opened in the Twin Cities area in 1970 and that same year Sound of Music hit the $1 million mark in annual revenues. On June 14, 1981, a tornado hit the Roseville, Minnesota store. Since the tornado represented a great catastrophe for the habitants of Roseville, Sound of Music in an attempt to support the most damaged areas, responded with a “Tornado Sale.” The “Tornado Sale” was promoted as a “Best Buy”; the sale became so popular that it then became an annual sale. It was until 1983 that the name Best Buy Co., Inc. was approved by the board of directors. The successes of Best Buy Co., Inc. in the previous years lead the company to become a publicly traded stock. It was until 1985 that Best Buy made its appearance in the New York Stock Exchange with an offering of 8.3 million shares. Since its foundation, Best Buy Co., Inc. has aimed to provide its clients with the best products in order to achieve a total customer satisfaction.
BEST BUY CO., INC.’S STATED VISION, MISSION, AND GOALS
Best Buy’s vision is to make life fun and easy. Best Buy Co. offers consumers valuable advantages in store environment, product value, selection and service, all of which advance Best Buy’s objectives of enhancing the business’s model, gaining market share and improving profitability. The company’s business strategy is to bring technology and consumers together in a retail environment that focuses on educating consumers on the features and benefits of technology and entertainment products, while maximizing overall profitability.
BEST BUY CO., INC. MISSION
Best Buy Co., Inc. Goals:
Offer the best customer service possible:
To offer the best customer service to each client by offering professional assistance and aiming to assist clients with all technology needs. 2.
High Quality Products
To provide clients with top of the edge technology to ensure a 100% satisfaction 3.
Expand and offer an outstanding service to foreign countries.
SWOT ANALYSIS FOR OMS TRAINING POLICIES WITHIN BEST BUY CO., INC.
Below you will find extremely important information on how necessary and imperative it is to implement changes in the OMS training process within Best Buy Co., Inc. Ensuring that all employees are properly trained in the OMS process will not only allow for smooth transitions on the floor between one associate and another, but it will eliminate the mistakes made when processing OMS orders for Best Buy Co. Inc. customers. In addition, having all personnel properly trained by members of management would ensure that all employees are fully aware of any changes that have occurred and will ensure that any employee on the floor can place an OMS order properly. Management must take charge of this situation in order to prevent any future problems with OMS orders and to ensure that both customers and employees are on the same page with regards to purchasing, delivering and installing equipment. In order to better serve the employees and customers along with maintaining the high quality standard that the Best Buy Co., Inc. name brings, improvement in communication and training is needed.
Best Buy Co., Inc. employees greatly benefit from online training on OMS orders. When an employee is trained with the online system they can be sure...
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